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| AGC SmartBrief |
| January 7, 2009 |
Denver developers remain upbeat on new construction projects
Strong economic development, aggressive investment in transportation and a shift to alternative energy are helping the Denver area weather the downturn in the economy. As a result, developers are optimistic about new residential construction projects, including a new 42-story condominium and retail development. In addition, local office vacancies are increasing, but remain below the national average. The New York Times (1/6)
Economy likely to delay California hotel projects
Two hotel projects planned for Palm Desert, Calif., may be placed on hold as the economic downturn continues. The developer of the Hotel El Paseo, a 154-unit luxury boutique hotel with a condo component, met with officials last month to discuss a six-month extension on the project, and the city's Planning Commission is scheduled to hear a request this week for a one-year extension for an 88-unit extended-stay Candlewood Suites hotel. The Desert Sun (Palm Springs, Calif.) (1/5)
Officials seek to transform Michigan city into life sciences center
Steps by business and economic development officials in Grand Rapids, Mich., paved the way for the expansion of a biomedical research institute and the construction of other facilities in an effort to turn the city into a hub for health care and life sciences firms, according to this article. Some auto-parts makers in the area have also diversified into producing hospital tools and medical devices. Detroit Free Press (1/4)
Caterpillar to build $140M plant in Arkansas
Caterpillar has announced plans to build a $140 million road grader plant in North Little Rock, Ark. The outdoor equipment manufacturer plans to hire 600 workers for the new facility. Caterpillar will move production of road graders from its plant in Decatur, Ill., to the new location. Chicago Tribune/The Associated Press (1/5)
Group gives Birmingham roads a failing grade for funding
A new report issued by a nonprofit transportation research group gave Birmingham a failing grade for transportation funding. Road conditions received a "C-" and bridge conditions received a "C," according to the TRIP report. Several projects to improve transportation in the area need additional funding to proceed, including improvements to I-59, I-65, I-459, the report noted. RoadsBridges.com (1/6)
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Construction downturn will persist through 2009, observers say
The stock market recently gained ground on news that construction spending in November declined less than expected at 0.6% from the previous month. However, some analysts warned that the Commerce Department numbers fluctuate from month to month. "They don't do anything to change the basic story for CRE, which is that construction activity is expected to continue to drop throughout 2009," said Bob Bach, a senior vice president with Grubb & Ellis. GlobeSt.com (1/6)
Some say new resort openings should give Las Vegas a boost in '09
Several hotel projects are under way in Las Vegas -- from the $9.2 billion MGM Mirage CityCenter to smaller suite hotels being built. But 2008 was a lousy year for Sin City, and not all observers believe that the growing number of rooms is as good of an omen as it was during the booms of 1993 and 1998-99, according to this article. Las Vegas Sun (1/5)
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More construction firms demand estimating technology
Construction firms continue to search for technology that can improve their ability to estimate. Two major trends in 2009 will be increased integration with third-party applications and its role in the building information modeling process, observers predict. They note that integration with Microsoft Excel and Microsoft Project remain vital to estimating. ConstrucTech (free registration) (1/6)
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Happy old years!
Did you have a couple of great years before 2008 pulled the rug out from under you? President-elect Barack Obama feels your pain. According to The Wall Street Journal, he plans to allow businesses with losses in 2008 or 2009 to retroactively reduce their tax bills going back as much as five years, potentially freeing up capital at a time when credit is tight. The Wall Street Journal (1/5)
Not all are convinced stimulus will help
Some Wall Street observers are not optimistic that a proposed stimulus package will right the economy. Some investors say they think "the stimulus package is not getting at the fundamental problems of the economy," said Brian Gardner, who offers analysis at Keefe, Bruyette & Woods. Critics note the stimulus does little to address housing-market problems at the center of the financial turmoil. The Hill (1/6)
Getting the Job Done Safely: Worker Orientation DVD
This DVD outlines the fundamental construction safety practices for new workers and provides refresher training for veteran works. Easy to deliver training in less than 15 minutes! 1996. To purchase copies, visit www.agc.org/bookstore, item #435D.
New safety DVDs now available!
AGC of America has five new safety videos on DVD. Titles include: Electrical Safety for the Construction Worker; Safety During Renovation & Demolition Operations; Personal Protective Equipment; Power and Hand Tool Safety; and Housekeeping on the Jobsite: A Plan for Success. To order any of these or other new products, visit www.agc.org/bookstore, keyword "Safety."
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